Xcite Energy Limited - Storage and Offtake Vessel

ABERDEENSHIRE--(Marketwire - Dec 14, 2011) -

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TSX-V, LSE-AIM: XEL
14 December 2011
Xcite Energy Limited
("Xcite Energy" or the "Company")
Storage and Offtake Vessel
Xcite Energy is pleased to announce that its 100% subsidiary, Xcite
Energy Resources Limited ("XER"), has signed a letter of intent ("LoI")
with Teekay Shipping Norway AS ("Teekay") for the provision of a
shuttle tanker for the forthcoming Phase 1A of the Bentley field
development programme.
The LoI anticipates that XER and Teekay will enter into a definitive
agreement for one of Teekay's dynamically positioned shuttle tankers
within three months, following which the shuttle tanker is expected to
be used as the in-field storage and offtake facility for Bentley crude
oil from the Phase 1A production.
Commenting on today's announcement, Exploration and Development
Director, Steve Kew said:"We are pleased to have secured a storage and offtake vessel, which
will play a key part in Phase 1A and first oil from the Bentley
Field.As another important step in the overall planning for the field
development, it also serves to highlight the concurrent activity that
is underway whilst we await the necessary approvals from DECC."
ENQUIRIES:
Xcite Energy Limited
+44 (0) 1483 549 063
Richard Smith Chief Executive
Officer
Rupert Cole Chief Financial
Officer
Oriel Securities (Joint Broker and Nomad) +44 (0) 20 7710 7600
Emma Griffin Partner
Simon Edwards Partner
Morgan Stanley (Joint +44 (0) 20 7425 8000
Broker)
Andrew Foster Managing Director
Pelham Bell Pottinger +44 (0) 20 7861 3232
Mark Antelme Director
Henry Lerwill Account Director
Paradox Public Relations +1 514 341 0408
Jean-Francois Meilleur Consultant
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Oriel Securities which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting exclusively for
Xcite Energy and for no one else in connection with the subject matter
of this announcement and will not be responsible to anyone other than
Xcite Energy for providing the protections afforded to its clients or
for providing advice in connection with the subject matter of this
announcement.
Morgan Stanley which is authorised and regulated in the United Kingdom
by the Financial Services Authority, is acting exclusively for Xcite
Energy and for no one else in connection with the subject matter of
this announcement and will not be responsible to anyone other than
Xcite Energy for providing the protections afforded to its clients or
for providing advice in connection with the subject matter of this
announcement.
Forward-Looking Statements
Certain statements contained in this announcement constitute
forward-looking information within the meaning of securities laws.
Forward-looking information may relate to the Company's future outlook
and anticipated events or results and, in some cases, can be identified
by terminology such as "may", "will", "should", "expect", "plan","anticipate", "believe", "intend", "estimate", "predict", "target","potential", "continue" or other similar expressions concerning matters
that are not historical facts. These statements are based on certain
factors and assumptions including expected growth, results of
operations, performance and business prospects and opportunities. While
the Company considers these assumptions to be reasonable based on
information currently available to us, they may prove to be incorrect.
Forward-looking information is also subject to certain factors,
including risks and uncertainties that could cause actual results to
differ materially from what we currently expect. These factors include
risks associated with the oil and gas industry (including operational
risks in exploration and development and uncertainties of estimates oil
and gas potential properties), the risk of commodity price and foreign
exchange rate fluctuations and the ability of Xcite Energy to secure
financing. Additional information identifying risks and uncertainties
are contained in the Company's annual information form dated October
26, 2010 and in the annual Management's Discussion and Analysis for
Xcite Energy dated March 24, 2011 filed with the Canadian securities
regulatory authorities and available at www.sedar.com . The Company
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required under applicable
securities regulations.
This information is provided by RNS
The company news service from the London Stock Exchange
END